Veto Players and Policy Trade-Offs: An Intertemporal Approach to Study the Effects of Political Institutions on Policy

45 Pages Posted: 21 Apr 2011

See all articles by Mariano Tommasi

Mariano Tommasi

Universidad de San Andres - Department of Economics

Carlos Scartascini

Research Department - Inter-American Development Bank (IDB)

Ernesto Stein

Inter-American Development Bank (IDB)

Multiple version iconThere are 2 versions of this paper

Date Written: March 2010

Abstract

The capacity to sustain policies over time and the capacity to adjust policies in the face of changing circumstances are two desirable properties of policymaking systems. The veto player approach has suggested that polities with more veto players will have the capacity to sustain policies at the expense of the ability to change policy when necessary. This paper disputes that assertion from an intertemporal perspective, drawing from transaction cost economics and repeated game theory and showing that some countries might have both more credibility and more adaptability than others. More generally, the paper argues that, when studying the effects of political institutions on policy outcomes, a perspective of intertemporal politics might lead to predictions different from those emanating from more a-temporal approaches.

Suggested Citation

Tommasi, Mariano and Scartascini, Carlos G. and Stein, Ernesto Hugo, Veto Players and Policy Trade-Offs: An Intertemporal Approach to Study the Effects of Political Institutions on Policy (March 2010). IDB Working Paper No. 44, Available at SSRN: https://ssrn.com/abstract=1817277 or http://dx.doi.org/10.2139/ssrn.1817277

Mariano Tommasi (Contact Author)

Universidad de San Andres - Department of Economics ( email )

Vito Dumas 284
Victoria, Buenos Aires B1644BID
Argentina
+5411-4725-7020 (Phone)

HOME PAGE: http://faculty.udesa.edu.ar/tommasi/index.htm

Carlos G. Scartascini

Research Department - Inter-American Development Bank (IDB) ( email )

1300 New York Avenue NW
Washington, DC 20577
United States
2026231963 (Phone)

HOME PAGE: http://www.cscartascini.org

Ernesto Hugo Stein

Inter-American Development Bank (IDB) ( email )

1300 New York Avenue, NW
Research Department
Washington, DC 20577
United States

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